~~ Hybrid Vehicle Tax Breaks Still Available - Get Yours Now!
The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit. A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer’s tax obligation. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006.
The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.
Hybrid vehicles have drive trains powered by both an internal combustion engine and a rechargeable battery. Many currently available hybrid vehicles may qualify for the tax credit.
These models have been certified for the credit in the following amounts:
† This reflects a decrease in the credit amount as of Oct. 1, 2006, due to the manufacturers meeting quarterly sales of 60,000 qualified hybrid cars — See Quarterly Sales, below.
Model Year 2007
* Chevrolet Silverado 2WD Hybrid Pickup Truck — $250
* Chevrolet Silverado 4WD Hybrid Pickup Truck — $650
* Ford Escape Hybrid 2WD — $2,600
* Ford Escape Hybrid 4WD — $1,950
* GMC Sierra 2WD Hybrid Pickup Truck — $250
* GMC Sierra 4WD Hybrid Pickup Truck — $650
* Honda Accord Hybrid AT — $1,300
* Honda Accord Hybrid Navi AT — $1,300
* Honda Civic Hybrid CVT — $2,100
* Honda Civic GX — $4,000
* Lexus GS 450h — $775†
* Lexus RX 400h 2WD and 4WD — $1,100†
* Mercury Mariner 4WD Hybrid — $1,950
* Nissan Altima Hybrid — $2,350
* Saturn Vue Green Line — $650
* Toyota Camry Hybrid — $1,300†
* Toyota Prius — $1,575†
* Toyota Highlander Hybrid 2WD and 4WD — $1,300†
Source of article IRS - Located Here!
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Tags: e85 Tips , ethanol , e85 , flex fuel , gas prices , e85 ethanol , flex fuel cars , china, hybrid vehicles, gas savings, toyota, china hybrid vehicles, automotive
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